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Euribor Strip Flattens Following US Data, Crude Uptick

STIR

Bunds remain underpinned, with U.S. data doing that move no harm. Euribor futures are flat to +4.5 through the blues, flattening on the day.

  • The latest uptick in crude oil prices will be providing some offset to the bid.
  • End-2024 ECB cut pricing has extended a little through the day, with ECB-dated OIS contracts currently pricing 165bps of cuts through the year.
    Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
    Jan-243.890-1.60
    Mar-243.758-14.9
    Apr-243.518-38.9
    Jun-243.201-70.5
    Jul-242.911-99.5
    Sep-242.659-124.7
    Oct-242.451-145.5
    Dec-242.258-164.8

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